by Michael Hogberg, EA | Oct 29, 2024 | Federal Tax, Updates
As the end of the year approaches, business owners may find themselves tempted to hold off on tax planning until tax preparation season. But waiting until it’s time to file returns is a mistake that often proves costly. Strategic planning throughout the year,...
by Michael Hogberg, EA | Oct 22, 2024 | Federal Tax, Updates
If you’ve received IRS Letter 11, the Final Notice of Intent to Levy, the IRS is preparing to take serious action to collect unpaid taxes. This letter is a clear warning that your wages, bank accounts, or other assets may be levied (seized) if you don’t act fast....
by Michael Hogberg, EA | Oct 15, 2024 | Enforcement Updates, Federal Tax, Updates
Properly classifying workers, withholding the correct taxes, and timely filing and paying employment taxes are fundamental responsibilities for any business owner. Failing to do so can lead to serious legal consequences, as evidenced by a recent IRS Criminal...
by Michael Hogberg, EA | Oct 8, 2024 | Federal Tax, Updates
The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep records that support an item of income, deduction, or credit shown on your tax return until the period of limitations for that...
by Michael Hogberg, EA | Oct 1, 2024 | Updates
Is Extending Your Tax Return the Right Move? As we continue to progress through the year, many taxpayers are relying on extensions to file their returns by October 15. While extensions can be useful for some, they may not always be in your best interest. Filing an...
by Michael Hogberg, EA | Sep 18, 2024 | Enforcement Updates, Updates
A recent case in Ohio highlights the risks of working with dishonest tax return preparers and the severe consequences they face for manipulating tax filings. In this instance, an Ohio tax return preparer and his businesses were permanently barred from preparing...